炒股扫盲，选转自ASX

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What is a stockbroker?
A stockbroker has direct access to the market for trading shares. Therefore they can act as your agent to buy or sell shares, for which a fee is charged. A broker may also offer a range of other products and services including providing advice on which shares to buy or sell.

Why do you need a broker?
All shares listed on ASX can only be bought or sold through a broker.

All stockbrokers must have a minimum two years' experience in the industry, proven business integrity, an appropriate tertiary qualification as well as a Graduate Diploma in Applied Finance and Investment from the Securities Institute of Australia. Stockbrokers and their representatives must comply with the ASX Business Rules and the Corporations Law. Being a broker involves passing rigorous testing and substantial investment in equipment to access ASX's markets.

What do brokers do?
Apart from buying or selling shares on your behalf, most advisers or stockbroking firms also offer:

advice on traditional investments such as shares, debentures, government bonds and listed property trusts
investment advice on a wide range of non-listed investment options (eg cash management trusts, property and equity trusts, etc)
investment plans tailored to your financial needs
planning, implementing and monitoring of your investment portfolio
retirement planning
research on national and international trends to help maximise your returns and minimise risk.

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Types of stockbrokers
The main difference between the two types of stockbrokers is whether they offer advice or not.

Advisory broker (full service)
Full service brokers offer advice on buying and selling shares, make recommendations and provide research. They also offer advice on other investments such as options, debentures and bonds and compile tailored investment plans. As full service brokers offer advice you generally pay a higher brokerage fee to buy and sell shares. Some full service brokers offer the ability for you to place your order online however they will still provide advice about the transaction that you wish to complete. You may incur different charges for placing your order online rather than via telephone.

Non-advisory broker (discount)
As the name suggests, non-advisory brokers offer no recommendations or advice regarding the appropriateness of your decision, consequently their brokerage fees tend to be lower than a full service broker. This is an attractive option for investors confident in their sharemarket knowledge and trading decisions.

Phone non-advisory
A phone non-advisory broker will act on your telephone instructions to execute an order on your behalf.

Internet non-advisory
An internet non-advisory broker will execute an order that you have placed through their internet site by entering it into the trading system. The lower overhead costs of this service frequently mean that the brokerage fee is lower.

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Choosing who to use to buy and sell shares
If you need help in selecting a stockbroking firm or adviser, visit the Stockbroker Referral Service on the ASX website.

You need to first decide whether you want advice on what to buy or sell and when to do so. Although broking firms generally do not charge for this advice, this service is reflected in higher brokerage fees on the actual buying or selling of shares.Those firms not offering advice generally charge lower fees.

If you are just starting out in the sharemarket and don't feel confident in your sharemarket knowledge you will probably value the advice of a full service broker. If you are interested in low cost trading and are confident in your knowledge of the sharemarket you may wish to choose a non-advisory broker.

After deciding what type of services to seek from a broker, you can choose any of the following:

Speak to a client adviser at a stockbroking firm. There are over 70 stockbroking firms, many with branches throughout Australia. Most of them employ a number of advisers to service individual investors.
Your financial planner and/or accountant may have an existing arrangement with a stockbroking firm and can arrange an introduction and/or the purchase or sale of shares.
Some banks offer facilities to purchase shares via their branch network and/or a special customer service area.
Purchase shares directly via a public float ? see the section entitled 'Buying shares in a float' for more details.
Use the Internet to buy shares. Your purchase will, however, still be via a broker's website.

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Questions to ask your adviser/stockbrocking firm

What type of services do you provide?

Depends on what services you are seeking - do you require advice and/or trading services?

How do you charge for your services?

Depends on your requirements for value for money (eg brokerage or a flat fee).

How might you review my investment portfolio and how regularly would you do that?

Depends on your objectives and how active you want to be. Expect a quarterly review. This could involve reweighting your portfolio and reviewing the overall performance of your shares.

How will you inform me of any new sharemarket opportunities?

Expect email or mailed updates on opportunities, regular newsletters with research, and access to the firm's website.

Will I receive a newsletter or any other regular information?

If you are looking for a broker to provide you with a full advisory service, the answer should be yes. Ask to see a sample.

Do you conduct client seminars?

If you are looking for a broker to provide you with a full advisory service, the answer should be yes.

Are you or your firm associated with any of the companies whose products are recommended by you?

Should indicate no association unless a full disclosure is given.

What research facilities does the firm make use of?

If you are looking for a full advisory service, the answer should be the use of an internal research department, or subscriptions to local and overseas research organisations.

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Buying shares in a float
The word float is used when a company seeks to raise capital by offering its shares to the public for the first time. The company must first submit details of its business and the proposed share issue to ASIC in the form of a prospectus.

Once the prospectus is lodged with and, if applicable, registered by ASIC, it can then be forwarded to potential investors for consideration. If you wish to invest in the company, you must first review the prospectus, fill in the attached application form, specifying the number of shares you want to buy, and send it with your payment to the company or lodge it with your adviser.

Once a company has circulated its prospectus to the public, the shares have been subscribed and the application deadline reached, the underwriter (eg a stockbroking firm) is committed to purchasing any unsold shares. Lodging and/or registering a prospectus with ASIC and ASX listing of a company does not guarantee the company will be successful once share trading begins.

Each year, new companies seeking to raise capital list on ASX. Companies that have listed in recent years include AAPT, AMP, Cable & Wireless Optus and former government businesses such as TAB, Commonwealth Bank and Telstra Corporation. New exploration companies in the resources sector also use the sharemarket to raise capital.

If there is a great deal of investor interest in a new float, you may be allocated fewer shares than the number you applied for ? or none at all. With some floats, the initial share price (issue price) is not set until just prior to the first day of trading. You should obtain independent advice from a licensed professional adviser prior to making any final decision.

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Buying existing shares
The following chart describes the standard procedure for buying and selling shares.



Investors' buy and sell orders are entered into ASX's Stock Exchange Automated Trading System (known as SEATS).

The orders are entered by approved operators within stockbroking firms using SEATS terminals located in their offices. SEATS matches buying and selling requests by price in the order they were entered into the system. That way, every order gets processed on an equal basis, and larger investors do not gain priority. When a buy order is matched with a sell order a trade occurs.

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Placing an order with your adviser
Most stockbroking firms require you to provide funds prior to accepting your first order to buy shares. Many brokers will require that you set up a client account or trading account before you can start trading. This can take up to a week to finalise but can usually be done in 24 hours. Frequently brokers will require that you establish a cash management account with a bank or financial institution. This is to facilitate easy transfer of funds to pay for your purchase of shares and to allocate proceeds to you from the sales of shares. Once your relationship or account has been established, you can place orders to buy and sell shares.

When you place an order to buy or sell shares, you have a choice of two ways to tell your adviser what price you will accept. You can place your order 'at market', meaning you will accept a price at or about the market price of the shares at the time you are placing your order. Alternatively, you can place your order 'at limit', and inform your adviser of the highest price you are prepared to pay or the lowest price at which you will sell.

When placing an order with your adviser, make sure you are fully informed and that your order is confirmed. Ask the current market price and write it down. Then tell your adviser the details of your order (ie the amount of shares to be bought or sold and the price at limit or at market). They should then repeat the order back to you.

Your adviser will not necessarily call you as soon as your order has been filled. However, if you place an order very near the current market price, it may be filled quickly. If you change your mind about the order after it has already been filled, you are still bound to pay for the shares you have bought, or release the shares you have sold, even if you have not yet received the contract note.

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Placing an order with your adviser
Most stockbroking firms require you to provide funds prior to accepting your first order to buy shares. Many brokers will require that you set up a client account or trading account before you can start trading. This can take up to a week to finalise but can usually be done in 24 hours. Frequently brokers will require that you establish a cash management account with a bank or financial institution. This is to facilitate easy transfer of funds to pay for your purchase of shares and to allocate proceeds to you from the sales of shares. Once your relationship or account has been established, you can place orders to buy and sell shares.

When you place an order to buy or sell shares, you have a choice of two ways to tell your adviser what price you will accept. You can place your order 'at market', meaning you will accept a price at or about the market price of the shares at the time you are placing your order. Alternatively, you can place your order 'at limit', and inform your adviser of the highest price you are prepared to pay or the lowest price at which you will sell.

When placing an order with your adviser, make sure you are fully informed and that your order is confirmed. Ask the current market price and write it down. Then tell your adviser the details of your order (ie the amount of shares to be bought or sold and the price at limit or at market). They should then repeat the order back to you.

Your adviser will not necessarily call you as soon as your order has been filled. However, if you place an order very near the current market price, it may be filled quickly. If you change your mind about the order after it has already been filled, you are still bound to pay for the shares you have bought, or release the shares you have sold, even if you have not yet received the contract note.

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Fees and other costs
Once you have appointed a stockbroker to act on your behalf and made your initial investment with them, you should note that other fees and costs will be incurred.

There is a brokerage fee for any purchase or sale of shares. Brokerage will be charged for each transaction. An order to buy or sell shares in two different companies is considered to be two separate transactions.

Brokerage rates on share transactions were deregulated in 1987 and, as a result, the rates are sometimes negotiable. As a first step, you should ask your adviser for the firm's scale of fees.

Brokerage fees may involve a minimum amount or be based on a percentage of the transaction value. There will be a wide variation in fees depending on whether or not the broker offers you advice. Non-advice or 'discount' brokers may buy or sell shares on your behalf for as little as $30. Online broker fees can be as low as approximately $20.00.

As a guide, 2.5% or a higher flat fee brokerage is charged by many advisers on smaller transactions, usually under $5,000, with the percentage reducing on transactions of higher value. Fees currently charged can range from $30 to $120 per transaction.

Sliding scale of brokerage fees (indicative only):

First  $5,000  2.5%
Next  $10,000  2.0%
Next  $35,000  1.5%
Amounts thereafter  1.0%
(For example, on a purchase or sale of shares worth $3,000, the brokerage is $75.00.)

Brokerage fees differ between stockbroking firms depending on the services they offer. Firms which provide company research compiled by their industry analysts will often charge higher brokerage fees to support this additional service. Some full service firms offer trading via the Internet. For information on those firms which have this facility phone ASX Customer Service on 1300 300 279 or visit the Broker Referral service on the ASX Internet site.

Generally, 'non-advisory' or 'discount' stockbroking firms do not provide investment advice and you can only use these firms to execute a purchase or sale for you on SEATS. Non-advisory firms usually charge reduced or flat rates. Most online brokers fall into this category.

GST will not be imposed on the purchase or sale value of shares bought and sold, as transactions of this nature constitute a financial supply, which is input taxed for GST purposes. However, GST will be imposed on brokerage fees associated with such transactions. It is up to the discretion of the stockbroking firm/adviser if they pass on the cost to the client. For example, if brokerage costs were $28.00 in respect of the example above, then the GST payable would be $2.80 (based on an illustrative rate of 10 percent on the value of the taxable supply). Stamp duty on share transactions was abolished as of 1 July 2001.

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感觉以上信息基本涵盖买卖，计算手续费的基本操作，
额外的技巧就要听内行人士的了。
望经验丰富人士不吝赐教

熊姥姥

麻烦译成中文

fly_cat

熊姥姥  在 17/1/2006 06:00 PM 发表:

麻烦译成中文

definitely agree.

熊姥姥

楼上的就不能用中文同意？